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OMB Control No: 7100-0202	ICR Reference No: 201102-7100-002
Status: Historical Active	Previous ICR Reference No: 201011-7100-005
Agency/Subagency: FRS	Agency Tracking No: Reg M (R-1400)
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation M (Consumer Leasing)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/12/2011
	Date Received in OIRA: 04/12/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2014	36 Months From Approved	10/31/2011
Responses	36	0	32
Time Burden (Hours)	200	0	8
Cost Burden (Dollars)	0	0	0

Abstract: The Consumer Leasing Act (CLA) and Regulation M are intended to provide consumers with meaningful disclosures about the costs and terms of leases for personal property. The disclosures enable consumers to compare the terms for a particular lease with those for other leases and, when appropriate, to compare lease terms with those for credit transactions. The CLA and Regulation M also contain rules about advertising consumer leases and limit the size of balloon payments in consumer lease transactions. The information collection pursuant to Regulation M is triggered by specific events. All disclosures must be provided to the lessee prior to the consummation of the lease and when the availability of consumer leases on particular terms is advertised. There are no required reporting forms associated with Regulation M. To ease the compliance cost (particularly for small entities) model forms are appended to the regulation. Lessors are required to "retain evidence of compliance" for 24 months, but the regulation does not specify the types of records that must be retained.

Authorizing Statute(s): US Code: 15 USC 1604(a) and 1667(f) Name of Law: Truth in Lending Act

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1100E,124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD60	Final or interim final rulemaking	76 FR 18349	04/04/2011

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Consumer Leasing Advertising (213.7)
Consumer Leasing Disclosures (213.4)
One-time update (R-1400)

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	36	32	4
Annual Time Burden (Hours)	200	8	192
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The proposed revisions would implement Section 1100E of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), which was signed into law on July 21, 2010. The Dodd-Frank Act raises the CLA's $25,000 exemption threshold to $50,000. In addition, the Dodd-Frank Act requires that, on or after December 31, 2011, the threshold shall be adjusted annually for inflation by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW), as published by the Bureau of Labor Statistics. Therefore, from July 21, 2011 to December 31, 2011, the threshold dollar amount will be $50,000. Beginning on January 1, 2012, the $50,000 threshold will be adjusted annually based on any annual percentage increase in the CPIW. The Federal Reserve is proposing to amend Section 213.2(e), the accompanying commentary, and the commentary to Section 213.7(a) for consistency with the amendments to the CLA's exemption threshold. The comment period for this NPRM expired February 14, 2011. The Federal Reserve received two comment letters; however, neither specifically addressed the paperwork burden. On April 4, 2011, a notice of final rulemaking was published in the Federal Register (76 FR 18349) adopting the amendments largely as proposed, with mandatory compliance by July 21, 2011.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: John Schmidt 202-728-5859 john.schmidt@frb.gov

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